CD PRIVATE EQUITY FUND III — Net Asset Value 2023

Apr 13, 2023

Monthly update – March 2023

CD Private Equity Fund III

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----- Start of picture text ----- NTA Gross assets Distributions per unit One month Annualised performance sinceper unit (millions) (percentage of initial investment) performance [1,2] inception (July 2016) [1,2]Last 12 months: Since inception:$2.19 $164.40 56.1 cents (28%) 146.9 cents (92%) 5.8% 16.5%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 March 2023 was $2.19[1,3] per unit (28 February 2023 was $2.07[1 ] per unit). Net asset value movements for March were primarily a result of positive asset valuation movements from underlying LP's and a small foreign exchange gain due to the depreciating Australian dollar (which added approximately 0.7%).

CD3 Fund performance

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----- Start of picture text ----- 1 Month 3 Months 6 Months 1 Year 3 Years p.a. 5 Years p.a. Since inception p.a. [3]NTA return [1,2] 5.8% 6.3% 0.8% 25.5% 27.0% 23.4% 16.5%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 14.7% per annum since inception.

ASX release date: 14 April 202 3

Notes: Authorised for release by E&P Investments Limited (ACN 152 367 649, AFSL 410 433), the responsible entity of CD Private Equity Fund III (Fund or CD3) (ASX: CD3). 1. Source: E&P Investments Limited – the historical performance is not a guarantee of the future performance of the Fund; 2. Total returns are inclusive of distributions. NTA return is based on post tax NTA; 3. Based on estimated unaudited net tangible asset value before tax at 31 March 2023 of $2. 28 per unit (28 February 2023 was $2.18). Numbers may not add due to rounding.

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